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Technology giant, NASA partner, announces purchase of 217.18 Bitcoins
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THE technology sector company KULR Technology GroupInc., specializing in power management platforms and partner of the space agency NASA, is the newest company buying Bitcoin such as MicroStrategy, Metaplanet, among others.
According to the company’s announcement, published on Thursday (26), KULR completed the purchase of 217.18 Bitcoin (BTC) for approximately $21 million. In other words, it paid an average price of US$96.5 per BTC.
The purchase follows the company’s announcement released on December 4th that mentioned its strategy “Bitcoin Treasury”. The initiative intends to allocate up to 90% of the company’s surplus cash in Bitcoin.
The $21 million of BTC purchased since the announcement is the first ongoing purchases the company intends to make going forward. KULR has selected Coinbase’s Prime platform to provide custody, USDC, and self-custody wallet services for its BTC.
KULR kicks off Bitcoin Treasury project
It is worth noting that in 2023, KURL announced nearly $11 million in total assets. That is, your Bitcoin Treasury holds almost double the reported value.
KULR’s initiative follows in the footsteps of MicroStrategyby Michael Saylor. The company comes buying Bitcoin continuously as an investment strategy. Recently, between December 16th and 22nd, 2024, the company acquired 5,262 BTCinvesting approximately US$561 million in the purchase. With this acquisition, the company now holds a total of 444,262 BTC, acquired at a cumulative cost of $27.7 billion.
MicroStrategy, together with Exchange Traded Funds – Bitcoin and Government ETFs, owns 31% of all Bitcoin in the world.
MicroStrategy’s purchases encouraged other companies to do the same and buy Bitcoin. The Japanese Metaplanetfor example, has been seeking to raise millions of dollars to acquire more BTC. Before Christmas, the company purchased 619.7 Bitcoins, investing around US$61 million.
THE Bitcoin mining Hut 8 also recently announced a plan to US$500 million to add more BTC to your reserves. Meanwhile, Marathon Digital added 15,574 BTC last week after issuing nearly $2 billion in convertible notes.
In November, the medical equipment company Semler Scientific acquired 47 Bitcoins (BTC) for US$3 million. With this, the company reached the mark of 1,058 BTC accumulated in cash.
Technology giant, NASA partner, announces purchase of 217.18 Bitcoins
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Technology giant, NASA partner, announces purchase of 217.18 Bitcoins
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Technology giant, NASA partner, announces purchase of 217.18 Bitcoins
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Technology giant, NASA partner, announces purchase of 217.18 Bitcoins
